There are a number of reasons why dentists need a dental CPA. You can grow your revenue and cut costs with the help of financial housekeeping.
In addition to keeping track of your books and maintaining your accounts, dental accountants are also responsible for ensuring that you take advantage of all government schemes and programs that support small businesses. Additionally, they ensure that you are always in compliance with the policies. Dental CPAs are also responsible for tax preparation and optimization.
Many experienced CPAs offer virtual CFO services to help dentists scale their practices through budgeting, forecasting, planning, and strategic implementation of financial decisions. The guidance and mentorship of a virtual CFO is invaluable for ambitious dentists who are interested in expanding and scaling their practices.
Dental Accountants: What You Should Consider
It is common for small business owners and dentists to overlook some crucial elements when choosing a professional dental accountant, which can end up costing them a lot in the long run. When hiring a dental CPA for your practice, consider these factors.
1. Provided Services
CPAs can either be generalists or specialize in serving a specific segment of the industry. Ask your CPA about their range of services and how any additional services that they recommend will impact your revenue at your next meeting. If your CPA only offers a few services, it may be time to switch.
2. Dental accounting knowledge and experience
When searching for a dental CPA, you should consider the level of experience and expertise they bring to the table.
An experienced dental accountant will optimize your tax position, claim necessary deductions, and take advantage of specific government programs. In addition to ensuring accounting compliance, dental accountants can often be a jack of all trades and help your business grow.
3. Transparency and communication
Many dental accountants don’t disclose their activities and strategies transparently due to the complexity of the field. It may not be a good fit for your business to hire an accountant who isn’t openly communicating, guiding, and mentoring you. Transparency and the quality of communication are therefore crucial factors to consider.
4. Providing value for money
Revenues and costs are two essential components of a business. Hiring a dental CPA should provide you with more value than the cost itself in order for it to be a worthwhile investment.
Choosing the best option doesn’t mean choosing the cheapest. Consider the cost and benefits of your investment before making your decision.
5. Fees that are clear and transparent
Dental bookkeeping and accounting costs need to be transparent and clear in order for you to plan your dental expenses effectively. Wouldn’t it be nice to avoid unpleasant surprises down the line? The dental accountant you hire should offer transparent pricing and be open to discussing all the costs involved in hiring them before you sign on.
6. Having the ability to answer complex questions
You rely on your dental accountant for a variety of things related to money and finances. Would you want to work with someone who can not answer complex questions? It is unlikely that you would. A dental CPA with a background in accounting should be able to answer any money-related question you may have openly and transparently.
The best people to work with are those who are always able to provide you with the correct answers whenever you have a question. It is only possible for them to accomplish this if they have a clear understanding of what they must do and what dental practices require from their accountants.
So there you have it! We hope that you now understand why dentists require specialized dental accountants. Our accounting firm specializes in assisting dentists. To schedule a consultation with one of our experts, please contact us today.